Things you need to know in Market Places – MyBusinessPlace.Com

In general parlance, a market is a location where those willing to pay a price for something meet those willing to sell it. In marketing, a market is the sum total of potential buyers of a product. In economics, a market is a mechanism which allows people to trade, normally governed by the theory of supply and demand, and thereby allocates resources through a price mechanism…

Market – Marketplaces and street markets
A marketplace is a location where goods and services are exchanged. The traditional market square is a city square where traders set up stalls and buyers browse the merchandise.

This kind of market is very old, and countless such markets are still in operation around the whole world.
- In the USA such markets fell out of favor, but renewed interest in local food has cause the reinvention of this type of market, called farmers’ markets, in many towns and cities.

- In continental Europe, especially in France, street markets, as well as “marketplaces” (covered places where merchants have stalls, but not entire stores) are commonplace. Both resellers and producers sell their wares to the public.

- Markets are often temporary, with stalls only present for one or two days a week (“market days”), however some (such as Camden Market in London, UK) are open every day of the week. Such markets are normally specialist—the various stalls of Camden Market, along with the shops associated with it, sell a variety of alternative lifestyle products ranging from clothes and accessories to CDs, instruments and furniture. An example of a large market is Chatuchak weekend market in Bangkok.
The Roman term for market, still in use in a related sense, is forum. The modern shopping mall can be seen as an extension of this concept.

BEWARE!!!
The black market is the sector of economic activity involving illegal economic dealings, typically the buying and selling of merchandise illegally. The goods may be themselves illegal, such as the sale of prohibited weapons or the illegal drug trade; the merchandise may be stolen; or the merchandise may be otherwise legal goods sold illicitly to avoid tax payments or licensing requirements, such as cigarettes or unregistered firearms. It is so called because “black economy” or “black market” affairs are conducted outside the law, and so are necessarily conducted “in the dark”, out of the sight of the law.

Black markets are said to develop when the state places restrictions on the production or provision of goods and services that come into conflict with market demands. These markets prosper, then, when state restrictions are heavy, such as during prohibition or rationing. However, black markets are normally present in any given economy.

As a result of an increase in government restrictions, black market prices for the relevant products will rise, as said restrictions represent a decrease in supply and an increase in risk on the part of the suppliers, sellers, and any and all middlemen. According to the theory of supply and demand, a decrease in supply—making the product more scarce—will increase prices, other things being equal. Similarly, increased enforcement of restrictions will increase prices for the same reason.

Goods acquired illegally can take one of two price levels. They may be less expensive than (legal) market prices because the supplier did not incur the normal costs of production or pay the usual taxes. Alternatively, illegally supplied products may be more expensive than normal prices, because the product in question is difficult to acquire and may not be available legally.

One last thing, though you already have a good business brand, that alone doesn’t mean everything is ok, particularly for those businesses in-line with retail and trading. You should consider evaluating the location and market position. This does have a greater impact in capturing your target market.

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State fairs or other kinds of festivals are a prime location to sell replica sunglasses. In fact, a retail spot in a festival is quite possibly one of the most lucrative locations to sell replica sunglasses. And there are several reasons for this.

First, fairs are home to a high amount of traffic. People going to a fair always bring pocket fulls of cash with them to spend on food, rides, games, and anything that they see and want to buy. Some of the larger fairs are known for having 100,000 people a day cruising through the fairgrounds. This kind of traffic that passes by all the vendors at a fair mean greater chances of making sales.

Second, fairs are generally held during the warmer months of the year. The better weather is conducive to selling sunglasses. Get a booth full of sunglasses on a bright sunny day at the fair and you’ve got a recipe for success!

If you are thinking about setting up a booth at a fair to sell sunglasses there are a few things you can do to increase your sales. Some are simple tips that are easily implemented in your day to day routine, but one requires you working with the management of the fairgrounds.

When you contact the management group for the fairgrounds, do what you can to acquire booth space as close as possible to one of the entrances to the fair. This could be the most important decision you make! When you are positioned next to an entrance, you will be one of the first things that fairgoers see when they come in. I can’t tell you how many times I’ve sold sunglasses just for being located right next to an entrance. Many times people will walk through the gates just to realize that they left their sunglasses on the dash of their car. Rather than go back to fetch them, they spent a few dollars for a nice pair of replica sunglasses I had out on display. Being located next to an entrance is prime real estate for sunglass vendors.

If you can’t manage to get a location next to an entrance, spaces close to food courts are also a good choice. Everyone raves about the food at fairs and flock to these areas. Your booth being visible to this high traffic area should attract many people to come inspect your sunglasses.

How you display your sunglasses is important. Since booth space at fairs is limited, you will want to maximize the amount of sunglasses you display in an efficient manner. The most efficient way to display the maximum amount of sunglasses is to use the boxes your wholesale sunglasses came in. These small boxes are ideal for fair environments. You should be able to place 3 or 4 pairs of sunglasses on top of each display box. By setting up a tiered or pyramid pattern with the boxes, you can easily display hundreds of sunglasses across your tables. By displaying the maximum amount of styles you will increase your sales.

Another important but often overlooked thing to do is to keep your sunglasses clean and displayed neatly. Just from being outdoors, the sunglasses you have on display will collect dust very quickly. Add the fact that people perusing all throughout your available sunglasses do not always place the sunglasses back exactly where they picked them up from and you can see how your neat and tidy booth can quickly become an unkempt disaster! Make it a point to dust your sunglasses several times a day with a non-abrasive cleaning cloth such as microfiber pouches. Keeping a constant vigil on the appearance of your display will make your sunglasses appear more attractive and will increase your sales.

By keeping a clean booth that displays many different wholesale sunglasses in a state fair it not uncommon to gross thousands of dollars a day in sales. Follow this guideline and you can be assured of maximizing your profits from selling wholesale sunglasses at fairs.

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These basically are audits done by external agencies and there are at least two distinct types of external audits – second and third party.

Second party audits

These are audits carried out by one entiry on another and are those which originally came along with the idea of quality assurance where a major purchaser would audit its vendors.

Third party audit

As a result of the huge growth in interest in quality assurance during the 1960′s and 1970′s, more and more second party audits and assessments were being carried out and some entities in certain fields had to employ specific people whose sole task was to accompany visiting auditors around the company. Clearly this state of affairs was helping nobody, particularly the supplier .
Third party audits are audits conducted by independent parties (parties other than supplier and customer).
The ISO 9000 series standards are used mainly for Second and Third party audits.

To prepare for an audit, your managers should:
1. Become familiar with the documents for their area
2. Walk through the area for a spot check on operations
3. Verify everyone knows and follows document control processes
4. Ensure the work areas are clean and orderly
5. Brief employees on how to interact with auditors
6. Communicate a positive view about the audit – it’s a learning opportunity

For external audits, auditor needs a guide, your guides should:
A. Know the management system and how it operates
B. Understand the audit plan and functional areas
C. Be available to stay with the audit team
D. Refrain from speaking during interviews unless requested by the auditor
E. Act as witnesses for any audit findings
F. Help keep the auditors on the planned schedule
G. Take good notes for possible follow-up actions

Employees in the areas to be audited should:
a. Understand the quality policy and management system objectives and their role
b. Prepare by participating in internal audits
c. Know where their documents are kept
d. Be able to quickly retrieve their quality records
e. Know how to respond to auditor’s questions
f. Be prepared to demonstrate their processes
g. Understand the policy and management objectives for their area

About The Author

Manoj Jain is CEO and Founder Director of Innovative Matrix Softech Pvt. Ltd., providing worldwide management consulting, training and research for companies of all sizes. The company is also developing Discrete ERP (Enterprise Resource Planning) Software solutions for small and medium business enterprises. The company is providing best business management resources through its web site http://www.isohelpline.com. Author can be contacted at manoj@isohelpline.com. Find more information about ISO 9000 and ISO 9001 Training here.

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